How IoT Trends Are Transforming Businesses In 2020

Business Insider Intelligence estimates that the global IoT market will turn out to be worth $6 trillion by 2020 with attracting investments from consumers, government, and businesses. But 80 percent of all IoT spending through coming years will be on B2B applications only, according to an IDC’s estimation.

There is no doubt that businesses will be top adopters of the Internet of Things. The technology will help them improve their competence, productivity, and product. They aren’t just big businesses, which can afford to invest money into an innovative technology like IoT. Because the demand of IoT-sensors and the related devices is continuously increasing, implementation costs are rapidly dropping and attracting SMBs to apply the technology to their operations.

Here are some examples explaining how businesses can transform themselves by introducing the IoT to their processes, people, and projects.

IoT Helps Business Monitor Their Processes

The manufacturing segment is one of the largest industry segments to attract the investment of worth $2.3 trillion in IoT technologies by 2020. With applying right IoT technologies, businesses in the manufacturing segment will certainly experience smoother and faster execution of operations and receive real-time feedback from machines and people operating those machines.

Tracking of machines and materials will turn out the easier and, you will be able to keep tabs on how things are being used. When going a bit deeper, the data generated by sensors can become a base for analytics which can help a manufacturing business learn from the past patterns and then predict the requirements of maintenance and ways to respond to sudden breakdowns.

A factory relying on massive inventory needs tracking of a variety of materials to keep the manufacturing process continue. Manual processes require lots of people and paperwork, but still operations cannot be speedily carried out with a high accurate rate. The key sensor of IoT based inventory management system is radio frequency identification.

Rolls Royce, for example, has embedded IoT sensors right across its production lines to improve the machinery they rely on.

IoT Can Improve The Customers Experience With Data

The technology of IoT and sensors can also help businesses provide proactive support to their customers. The feedback gathered from customers will not only help in improving the communication capabilities for future customers but also, it will serve as a base to build better products.

IoT will help you quickly monitor shortcomings, bugs, and breakdowns that affect a business to deliver a responsive customers experience.

Naturally, using IoT to take better care of customers will generate data about customer-behaviors and habits. The retailed information on your customers and their behaviors are, in fact, nuggets for marketers. They can use the information to take better decisions related to their target markets, when to target these markets, and lots of other aspects.

IoT helps businesses replace quantitative data with qualitative data and deliver the satisfying experience to each of the customers.

IoT Boosts The Overall Organization Productivity

IoT devices and technologies can help a business handle operations from remote locations. Also, the same IoT infrastructure can power employees to keep working without physically existing as work locations. When machines and operations can be controlled wirelessly, without any restrictions related to geographical limits, a business is able to expend its horizons beyond traditional boundaries.

IoT is a sensor-based technology, which may deliver result in real-time and boost the productive of operations. For example, IoT based traffic signals are able to sense that which way has more vehicles in the comparison of others and adjust the timing of signals to avoid traffic jams.

Integrating And Adapting Your Business Model And Strategy With IoT

IoT is a game-changing technology. Early adopters are already experiencing positive changes that IoT has introduced to them. But it’s still not late for new adopters. Also the technology has already passed through its initial phase where people aren’t sure whether something presented to them is really useful or not. With the arrival of smartphones and mobile applications, IoT has received its means of portability and mobility.

No doubt, it won’t be easy to practice and apply IoT solutions, particularly when changes caused by them may affect your staffing needs and the number of people serving to your business. Also, IoT will significantly change your entire business model because there are differences between the ways people and machine work.

IoT is here to create a positive disruption to the ways businesses have been carrying their operations. On one the hand, IoT can make a business’ system, machines and infrastructure responding and reporting in the real time. On the other hand, employees will turn out to more productive, handling tasks remotely and completing tasks even form hundreds of miles away.

About the Author:

Sofia Coppol is a digital marketing expert in Rapidsoft Technologies which is a leading IT consulting company providing full range it services including, IoT app development, Blockchain development, and big data app development solutions.